XRP Price Prediction What to Expect in the Next 48 Hours
- XRP’s price fell victim to the market-wide selloff over the last 24 hours.
- The remittance token’s price breached the $0.3971 and $0.3937 support levels.
- The price of XRP may rise in the coming 24-48 hours if it does not break below $0.3860.
Ripple is a technology that acts as both a cryptocurrency and a digital payment network for financial transactions. It was first released in 2012 and was co-founded by Chris Larsen and Jed McCaleb.
Ripple’s main process is a payment settlement asset exchange and remittance system, similar to the SWIFT system for international money and security transfers, which is used by banks and financial middlemen dealing across currencies.
The token used for the cryptocurrency is premined and utilizes the ticker symbol XRP. Ripple is the name of the company and the network, and XRP is the cryptocurrency token. The purpose of XRP is to serve as an intermediate mechanism of exchange between two currencies or networks – as a sort of temporary settlement layer.
XRP Current Market Standing
XRP (XRP) is ranked as the sixth biggest crypto by market cap, according to CoinMarketCap. It experienced a 2.18% drop in price in the last 24-hours taking it down to $0.3845. This also puts its total market cap at approximately $19,932 billion at press time.
The 24-hour drop in XRP’s price has added to its negative weekly performance. At press time, XRP’s price is down 5% over the last 7 days.
XRP Technical Overview
XRP’s price attempted to challenge the resistance level at $0.4040 over the last 48 hours and was able to reach a candle high of $0.4060. Unfortunately, the break above the resistance level was short-lived and the 4-hour candle closed back below the resistance level at $0.4012.
The price of XRP then entered into a downward move that saw it drop from $0.4022 to $0.3853 – breaking below the support levels at $0.3971 and $0.3937 in the process.
At press time, the remittance token’s price is attempting a recovery as indicated by the current green 4-hour candle. Traders have also identified XRP’s current price zone as a buying opportunity since there is more buy volume than sell volume at press time.
Traders may look to push XRP’s price back above the $0.3937 level in the coming 24-48 hours. One technical indicator on the 4-hour chart that supports this thesis is the RSI indicator. Currently, the RSI line on the 4-hour chart is sloped positively towards overbought territory.
A confirmation of a bullish move in the next 24-48 hours will be when the RSI line on the 4-hour chart crosses above the RSI SMA line on the 4-hour chart.
Zooming out to the daily chart for XRP shows that XRP’s price fall may not be over yet. The 9-day EMA looking to cross below the 20-day EMA line supports this bearish thesis. In addition to this, the price of XRP is currently resting on a daily support level at around $0.3860. A break below this level could see XRP’s price drop down to the next support at $0.3666.
Another technical indicator on XRP’s daily chart that is currently flagging bearish is the daily RSI indicator. The negatively sloped daily RSI line facing the oversold territory and it being positioned below the daily RSI SMA line proves the bearish thesis.
On the other hand, the wick underneath the current daily candle suggests that there is some buy support present for XRP and that bulls are fighting to prevent a drop in XRP’s price below the $0.3860 level.
Given the introduction of buy volume on XRP’s 4-hour chart and the current slope of the RSI line on the 4-hour chart, it’s fair to say that traders have identified XRP’s current price zone as a buy opportunity. This may result in XRP’s price rising in the coming 24-48 hours.
However, the daily chart for XRP still shows bearish momentum. Therefore, it may be best that traders wait for a confirmation of the reversal of the current bearish trend. One early indication of the trend reversal will be the RSI line on XRP’s 4-hour chart crossing above the RSI SMA line.
Traders may also want to keep an eye on the support level at $0.3860. A break below this key support level will result in XRP’s price dropping to around $0.3666.